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95% of BDCs Face Closure as CBN's Recapitalization Deadline Nears
The Business NG
|The BusinessNG
With less than a month to the June 3, 2025, recapitalization deadline, more than 95% of Bureau De Change (BDC) operators in Nigeria risk closure as the Central Bank of Nigeria (CBN) prepares to enforce its new capital requirements.
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The Association of Bureau De Change Operators of Nigeria (ABCON) has raised alarm over the low compliance level, warning of an industry-wide shakeout.
The CBN's revised guidelines—announced in May 2024—require BDCs seeking Tier-1 licenses to raise their minimum capital base from N35 million to N2 billion. Tier-2 operators, who are limited to operations within a single state, must meet a new threshold of N500 million. The policy, backed by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020, aims to sanitize the sector and strengthen regulatory oversight of Nigeria's fragmented foreign exchange market.
Despite a six-month extension granted last November, ABCON says only a fraction of its members—fewer than 5%—have complied. The vast majority now face imminent expulsion from the forex market.
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